Plans are underway to repurpose the former Great Western Marketplace site in Reno, NV, which previously housed a Kmart store. The property is set to be transformed into two distinct projects: a mega-storage facility within the main building and an apartment complex on the parking lot, offering affordable workforce housing for residents in the area.
The journey towards this dual development initiative spanned nearly three years, involving negotiations and perseverance on the part of Reid Hamilton, the founder of Sierra Storage LLC. Despite initial refusals from the previous property owners, Hamilton’s persistence eventually led to the acquisition of the site, officially completed in August.
The transition of the former retail space, dormant since Kmart’s closure in 2008, signifies a new beginning for the property. After years of vacancy, the Great Western Marketplace briefly breathed life into the site in 2014, attracting vendors and artisans. However, the marketplace fell short of its growth targets, prompting the need for fresh development strategies.
For Hamilton, this venture holds personal significance, marking a shift from his previous green energy business to the storage industry. Recognizing the undersupply of storage facilities in Reno post-recession, Hamilton saw an opportunity in the Great Western Marketplace location. His vision for the 166,000-square-foot building includes innovative features like high-speed roll-up doors and solar-powered operations.
Alongside the storage project, a 10-acre parking lot at the site was acquired by multifamily developer GreenStreet Companies for the construction of Sky Mountain Apartments. The planned 288-unit complex aims to address the pressing need for affordable workforce housing in the region, reflecting the escalating housing crunch and rising rent rates.
While Hamilton’s storage facility progresses towards a projected opening in March 2018, Hillyard’s apartment project faces challenges in securing bond financing to support its affordable housing model. The project’s eligibility for tax credits will determine its financial viability, with competing proposals vying for limited funding allocation.
Despite the uncertainties surrounding financing, both developers remain committed to their respective projects, driven by the potential for revitalizing the Great Western Marketplace site and contributing to the economic landscape of Reno. With construction plans in motion and strategic partnerships in place, the transformation of this iconic location signifies a significant step towards meeting the evolving needs of the community.
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